SL Green Realty (NYSE:SLG) Trading Down 5.3% - Here's What Happened

SL Green Realty Corporation (NYSE:SLG - Get Free Report)'s stock price dropped 5.3% during trading on Thursday . The stock traded as low as $60.22 and last traded at $60.52. Approximately 758,398 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 882,357 shares. The stock had previously closed at $63.91.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SLG. Scotiabank set a $71.00 target price on shares of SL Green Realty and gave the company a "sector perform" rating in a report on Monday. Piper Sandler reduced their price target on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Wall Street Zen lowered shares of SL Green Realty from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. JPMorgan Chase & Co. lowered their target price on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Finally, Wells Fargo & Company reduced their price objective on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Monday, May 19th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $65.33.

SL Green Realty Price Performance

The business's 50-day simple moving average is $60.87 and its two-hundred day simple moving average is $60.35. The stock has a market cap of $4.38 billion, a P/E ratio of -146.24 and a beta of 1.65. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 0.99.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, beating the consensus estimate of $1.37 by $0.26. The firm had revenue of $147.54 million during the quarter, compared to analyst estimates of $171.24 million. SL Green Realty had a negative net margin of 1.30% and a negative return on equity of 0.98%. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.05 EPS. Sell-side analysts expect that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.2575 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.03 annualized dividend and a yield of 1.68%. SL Green Realty's dividend payout ratio is presently -572.22%.

Institutional Trading of SL Green Realty

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp purchased a new stake in SL Green Realty during the fourth quarter worth $39,000. Quadrant Capital Group LLC increased its position in shares of SL Green Realty by 37.4% during the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust's stock valued at $52,000 after purchasing an additional 208 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in shares of SL Green Realty during the fourth quarter worth $75,000. GF Fund Management CO. LTD. bought a new position in shares of SL Green Realty in the fourth quarter worth about $80,000. Finally, Summit Securities Group LLC acquired a new position in shares of SL Green Realty in the 4th quarter worth approximately $88,000. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Company Profile

3SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.